Nexo has announced an update to its stablecoin services for users in the European Economic Area (EEA), in compliance with the new regulations of the European Union.
The changes will involve trading, savings, and lending activities for various stablecoins, including USDT, DAI, USDP, TUSD, and PAXG.
The new rules will be introduced in two phases: the first starting from March 10, 2025, the second from March 31, 2025. Let’s see in detail what will change for Nexo users.
Nexo news: conversion without additional costs between stablecoin
Starting from March 10, 2025, users will be able to exchange USDT, USDP, DAI, and TUSD for USDC at the market rate, with no additional fees. This opportunity will be available through the following pairs on the Nexo Exchange platform:
- – USDT/USDC
- – USDP/USDC
- – DAI/USDC
- – TUSD/USDC
The objective is to facilitate the transition to USDC, which will continue to offer opportunities for earning interest. However, these exchanges will not entitle to cashback in criptovalute.
From March 10, 2025, USDT, DAI, USDP, TUSD, and PAXG will no longer be available for new deposits in Fixed-term Savings and for automatic renewal. Those who already have fixed deposits in these currencies will continue to receive interest until maturity.
Once the active terms have expired, users will be able to consider converting to another currency to continue generating returns.
Nexo will discontinue the possibility of opening new Dual Investment strategies with USDT in the EEA. However, the existing positions will remain active until their natural expiration. Users will be able to consider USDC as an alternative for future operations.
Despite the changes listed above, Nexo users in the EEA will still be able to:
- – Purchase, hold, and deposit the stablecoin involved
- – Use them to repay loans
- – Make payments with the Nexo Card in debit mode
Changes from March 31, 2025
Trading: stop to new purchases of USDT, USDP, TUSD, DAI, and PAXG
From March 31, 2025, the trading pairs for these stablecoins will switch to sell-only mode. Users will only be able to convert them into other cryptocurrencies, but will no longer be able to purchase them on the platform.
The exchange of USDT, USDP, DAI, and TUSD for USDC will continue at the same market rate with zero fees.
Nexo will introduce multi-asset collateral for Futures trading, allowing users to use both USDT and USDC as collateral in their Futures wallets.
From March 31, 2025, the following will be discontinued:
- – All recurring purchases (including those made with available balances or payment cards)
- – Target price swaps for the affected stablecoin
- – The automatic purchases of stablecoin with euro (EURx) or other cryptocurrencies
Nexo will no longer grant new loans in USDT. However, there are no restrictions on the other stablecoins for the lending function.
Interruption of Flexible Savings for some stablecoin
From March 31, 2025, USDT, USDP, TUSD, DAI, and PAXG will no longer be supported in Flexible Savings. The last daily interest payment will be made on this date.
Those who have Fixed-term deposits in these coin will continue to receive interest until the natural expiration of the contracts.
Despite the limits on trading, loans, and savings, it will still be possible to deposit and withdraw the affected stablecoins without restrictions.
Objectives and impacts for Nexo users
The changes reflect the evolution of the crypto sector and the necessary alignment of Nexo with European regulations on stablecoins.
The company aims to ensure a smooth and secure user experience, while still allowing users to continue to hold and manage their digital assets.
Nexo emphasizes that these innovations represent an important step towards greater regulatory compliance. Users are encouraged to prepare for the changes and to evaluate the available conversion options to optimize their portfolio.
The company will continue to monitor the regulatory landscape and will promptly inform its clientele of any further updates.
